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New credit - How to get started?

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Anonymous
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New credit - How to get started?

Hello everyone,

                        I moved to the United States 5 years ago as my wife is from here and after three years of deciding wether to live here, have finally applied for citizenship.

 

I get my social security number in a few weeks, and I will probably start with fresh credit.

I will be going to college here for undergrad, and will probably take out student loans.

I have been reading these forums and have decided to open up 6-8 credit cards and one store card.

 

Is that the right number?

How do I go about qualifying for these cards if I have no credit and what are good cards/bank accounts to start with.

I would like to apply for a papal/newegg/Amazon card and a bill me later account as I  buy a lot of computer parts and other stuff online. Does anyone have any knowledge about these cards?

 

Any feedback from all of you would be helpful,  and i would be more than willing to use my credit as a means for research/experiment ;p as long as it helps people learn more about the credit process and doesn't involve doing anything harmful to my credit.

 

 

Also, does anyone know what credit score would i start with? Would it be a 0?

Once again, any advice would be really appreciated.

Thanks!

 

 

 

 

Message Edited by exhale on 04-21-2009 12:12 AM
Message 1 of 4
3 REPLIES 3
haulingthescoreup
Moderator Emerita

Re: New credit - How to get started?

Hi, welcome to the forums!

If you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums.

6 - 8 cards is probably a bit much, right off the bat, but it's not unreasonable as an eventual goal. We used to send everyone new to the US over to Bank of America (BofA) and Capital One (Cap1) as being emigrant-friendly, but it's hard to tell what anyone is doing these days. I'd look into a local credit union if you have one. They work differently from banks, and they're much more willing to help newcomers. Traditionally they had narrow membership categories (employee groups and so forth), but most have broadened greatly. In some areas, the banks have successfully blocked CU's from expansion (Chicago, NYC), and you might have to fall back on BofA.

Don't know about those specific cards.

An initial credit score (once you have one) will probably be in the mid-600's.

You might try looking for old posts by wmarat, another member who had to start his credit history from scratch. Click "user search" above, type in his name and enter, and choose "find all posts by this member" (might not be the exact phrase.) Once his posts come up, click on the Date heading to get his oldest posts first. As I recall, he had some frustrating times, lol, but he built his credit very successfully. It's better than mine is, that's for sure! Smiley Very Happy
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 2 of 4
Anonymous
Not applicable

Re: New credit - How to get started?

Hello and welcome to the forum.

 

First, I highly recommend that you read some of the "helpful threads" which teach you about credit scoring and building credit:

 

FICO High Achievers - Credit Scoring 101 - myFICO PDF Booklet - Closing CC's
Frequently Requested Threads - FTC website: Knee Deep in Debt - Helpful Threads
FICO Score Estimator

 

After this, you can search this forum for keywords of your interest areas.  Most questions have been previously asked, and therefore many answers are available through a search immediately, rather than having to wait for a reply.

 

If you find a unique situation that the helpful threads and forum search cannot answer, then you can post your specific questions.

 

Your current post is very broad and entails many areas regarding credit, rangning from scoring, building, reporting and applying.

 

 

Message 3 of 4
Anonymous
Not applicable

Re: New credit - How to get started?

thank you!!
Message 4 of 4
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